Home Buying in Massachusetts>Question Details

Jerry, Home Buyer in Massachusetts

I am pre-approved for a USDA rural development mortgage for around 230k. I am concerned with the closing

Asked by Jerry, Massachusetts Tue Apr 14, 2009

cost amount. 15k I know the USDA 2% fee is set. I am howver being charged 2 points. The interest rate is 5.25. My credit score is 749. Should I expect that I can get a better deal than this. I haven't included the other costs from the GFE because there are so many. Feedback?

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2 points is kind of high. 1point should be reasonable.
0 votes Thank Flag Link Tue Apr 14, 2009
Hi Jerry,

I am not a mortgage professional but your scenario sounds similar to a couple of transactions I have closed recently. If in doubt, shop around. Two things I want to point out/suggest, however:

1.) Only certain towns are eligible for the rural housing program so make sure your buyer's agent knows that is the program you would like to use.
2.) When you do find you dream house, you could always ask the seller to contribute to the closing costs which will reduce your out-of-pocket expense.

Just a few things to think about! Good luck!

0 votes Thank Flag Link Tue Apr 14, 2009
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